POSTED: Tuesday, April 16, 2013 - 2:54pm
UPDATED: Wednesday, April 17, 2013 - 7:10am
MCALLEN, TEXAS (KVEO NEWSCENTER 23) — Drivers are feeling some relief at the pump, this following a continual drop in gas prices throughout the U.S.
Dr. Dave O. Jackson is a professor of finance at UTPA. Jackson says, "The usual supply and demand formula is occuring so as that affects crude oil prices that goes through to us at the pump."
Gas prices nationally are averaging $3.53 per gallon for regular unleaded, that's seven cents down from a week ago and 16 cents less than a month.
Here locally the average price is at $3.27 per gallon for regular unleaded fuel. Drivers in the valley say they're noticing a difference when they pay at the pump.
Glindy Muñoz is a student at UTPA, she says, "I'm really happy gas prices are down, because college students are poor , right?"
Economic recoveries in China and a weaker demand in the U.S. have helped maintain lower costs in fuel and another reason is the drop in crude oil.
Moreover, in the past month crude oil has dropped 10% which is a major reason fuel prices are lower.
So the big question? Will prices continue to drop? Analysts say that all depends on crude oil prices and the continual suply and demand status.
On the other hand as summer gets closer refineries change their fuel blends, which at times can create a spike in gas prices.